How does Coop Bank Paybill Number 400222 work?
Cooperative Bank customers now have an option of two Paybill numbers. So why did they introduce the Coop Bank Paybill Number 400222 when users are used to the 400200 one? The two numbers are for different uses according to the bank. See the difference below:
What is the Coop Bank Paybill 400222
The bank introduced the Coop Bank paybill number 400222 to assist businesses and organizations to receive payments on m-pesa. For instance, if you run a business such as a school, own rental houses, run a real estate company, or a service that receives payments from many people.
When your tenants and clients send money, you receive an instant notification on your phone about the payment. This removes the hassle of counterchecking with the bank, or asking the customer to send their m-pesa message verifying a payment.
If you want your business to use the 400222 Paybill number, you must apply for a free unique code at the bank. The code will be linked to your bank account and your phone number. It is this unique code you will share with all your customers.
How to apply for the Paybill 400222 code
Physically visit a Cooperative Bank branch near you and say you want to get an MCollection Business Code.
- Fill in an MCollection registration form.
- You will be given your business code immediately or on the same day.
- No other documents will be required since the bank already has your documents.
- Once your account number and phone number are linked, you will be given your unique MCollection code. You can start receiving M-Pesa payments on the same day.
- The service is free. The client will not be charged anything. You will also not be charged anything.
How to use the Cooperative Bank Paybill 400222
The customer must have your unique MCollection Business Code in order to use the 400222 Paybill number.
This is what the customer should do. Go to Lipa Na Mpesa, PayBill option:
- Enter PayBill Number 400222.
- Under Account No: enter the MCollection Code followed by ‘#’ e.g. 123456#
- After the #, write your name or customer number e.g. 123456#Hse24 or 123456#Annie
- Enter amount.
- Enter M-Pesa PIN and confirm the transaction.
- Both the business and the customer will receive a confirmation SMS.
Instant SMS for every deposit made to the account helps you to reconcile accounts easily. You won’t have to call or text people asking for deposit confirmation as happens with paybill number 400200.